NFTs, Let’s Set the Record Straight

Artist: Carlos Luna James, featured in our VANGUARD exhibition curated by Tam Gryn. Follow him @MGOGLKTKO

Juniper Rag looks at a lot of artist profiles on social media. Like everything that is new, scammers with manipulate any situation to take advantage of people that don’t know about something or how it works. Adding NO NFTs to your profile does nothing, except indicate and identifies you as not understanding how NFTs work. Never open or read a message from scammers on social media. Never click on links without being suspicious of them all, even if they look like they originated from a friend. Know how to identify these nefarious people and bots that are messaging all artists. No real collector is going to contact you to sell your art as an NFT. Many of the messages you get on social are also bots and scammers, so beware. We actively look at our followers and delete bot accounts to keep our followers authentic. You may want to do the same. They will still find you, but stay vigilant.

NFT scams often target artists with messages often start with a nice compliment that isn’t quite right and a little awkward sounding 🔔, offering quick, easy sales on digital platforms 🔔, but real NFT sales don’t happen this way. Scammers often approach artists through social media 🔔, making unsolicited offers to purchase “unique” NFT “of your beautiful and interesting art” 🔔 directly or offering easy revenue by “tokenizing” the artist’s work on supposedly exclusive platforms. These offers promise high profits but typically ask artists to either pay upfront fees for listing their art or provide access to personal information 🔔 or accounts, which can result in loss of funds, personal data, or stolen artwork.

In reality, authentic NFT marketplaces, like OpenSea, Rarible, and Foundation, don’t solicit artists directly for token sales. Instead, they require artists to apply, set up accounts, and list their work themselves. Transparent and established marketplaces are the safest way for artists to experiment with NFTs and avoid scams.

One of our favorite NFT artists, BEEPLE. “Beeple is Mike Winkelmann, a graphic designer living in Charleston, SC, USA who does a variety of digital artwork including short films, Creative Commons VJ loops, everydays and VR / AR work. He has done work for Apple, Space X, Nike, Coca-Cola, Adobe, Pepsi, Samsung and many more.” [via beetle-crap.com] We strongly encourage you to learn more about his work and impact and to start following a few NFT artists, like Cory Van Lew @coryvanlew.

The downside is that artists may become cautious of NFTs altogether due to these scams, but genuine NFTs offer significant advantages. Firstly, they provide a digital certification of authenticity and ownership, secured on the blockchain, ensuring that an artist’s work is verified as original and unalterable. A digital certificate of authenticity if you will. This digital security is especially valuable in a medium where online art can be easily copied or shared without permission, so artists that are weary of copyright infringement may want to learn more about NFTs. Especially with the new fear of AI “stealing” your work. We are moving into a new phase of digital intelligence that is working to protect the artist and the legacy of the work they produce, even turning out revenue shares post purchase to the artists and their heirs with royalties. Imagine if Picasso’s grand children made money he never imagined when his art sold for the 4th or 5th time for exponential amounts of money. Physical art can have an NFT attached to it, or it can just be a digital file.

Additionally, NFTs introduce this new revenue model through these royalties, allowing artists to earn a percentage of every resale on secondary markets. This perpetual income stream can make NFTs a sustainable option compared to traditional art sales, where resale profits go solely to the collector or dealer. Also imagine an emerging artist ready to break and someone comes along and buys up 20 pieces for thousands (on an NFT platform) on a hot tip. Two to ten years later, the artist hits the big time and now that buyer is sitting on a gold mine and wants to cash in. When those 20 pieces hit auction, the artist will also benefit from the resale, probably making more money than the first round.

NFTs also open global audiences for artists who might otherwise be limited to physical exhibitions, especially helpful in what is called “decentralized” digital art scenes. This exposure increases visibility and potential buyers without costly gallery fees. Plus, the digital-native aspect of NFTs is a perfect fit for artists who already work in digital formats, eliminating printing, shipping, or storage costs.

To avoid scams, artists should use well-established marketplaces and research carefully. Recognizing the red flags in unsolicited offers and using reputable platforms can make NFTs a rewarding medium without compromising security.

WHAT ARE SOME DECENTRALIZED ART PLATFORMS?

A decentralized art platform operates outside traditional gallery systems and auction houses. The main thing that sets them apart is that they use blockchain technology to give artists and collectors more control and direct access to each other. It’s characterized by platforms where ownership, transactions, and interactions are tracked on the blockchain, allowing for transparent and secure exchanges without the need for intermediaries. These decentralized platforms make blockchain-based art accessible for collectors who seek transparency, direct artist relationships, and an active role in the evolving digital art market.

Let’s explain blockchain a bit, because it is what makes NFTs so valuable to artists now and in the future to protect their proprietary information. Blockchain is a secure, digital record-keeping system that works like a shared online ledger, where every transaction is recorded transparently and can’t be changed. Imagine a spreadsheet that is duplicated across a large network of computers. Each time there’s an update, like a transaction, every version of the spreadsheet is updated to match. This creates a reliable system where records are accurate and tamper-proof. Blockchain’s strength lies in its security and transparency. No single person or company controls it, so it’s resistant to hacking and fraud, making it ideal for things like money transfers, digital art ownership, and even medical records. Each “block” of information connects to the previous one, creating a chain that is extremely difficult to alter without detection.

In art and collectibles, blockchain technology enables digital ownership by creating unique “tokens” (NFTs) that prove authenticity and ownership, even online. It may sound complex, but ultimately, blockchain helps create much-needed trust in a digital world where ownership and authenticity matter.

These decentralized platforms make blockchain-based art accessible for collectors who seek transparency, direct artist relationships, and an active role in the evolving digital art market.

Here are some examples for collectors looking to explore decentralized art:

SuperRare

• SuperRare is a highly curated NFT marketplace for digital art, where collectors can purchase unique, single-edition NFTs directly from artists. The platform operates on the Ethereum blockchain, ensuring transparency in ownership and transaction history. SuperRare also emphasizes artist and community input, fostering a decentralized network where artists are rewarded with royalties on secondary sales.

Foundation

• Foundation combines art curation with a community-driven approach, inviting artists to create and collectors to invest in art that often challenges the mainstream. The platform operates on a peer-to-peer model where artists list their work, and collectors can bid through transparent auctions. This decentralization is particularly empowering for artists, who receive royalties on future resales, enabling ongoing support from collectors.

OpenSea

• OpenSea is the largest marketplace for NFTs, allowing artists to mint and list their work in decentralized environments with categories for art, music, virtual worlds, and more. It supports a wide range of blockchains (like Ethereum, Polygon, and Solana), creating a multi-faceted experience for collectors. OpenSea offers a range of tools for tracking prices and provenance, making it a go-to for new collectors exploring the NFT space.

Async Art

• Async Art offers a unique concept where digital artworks are programmable and change over time or based on external data, like weather or crypto prices. This decentralization allows artists and collectors to interact with art in new ways, where ownership might even include the ability to alter part of the artwork.